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Most of the existing signcryption schemes generate pseudonym by key generation center (KGC) and usually choose bilinear pairing to construct authentication schemes. The drawback is that these schemes not only consume heavy computation and communication costs during information exchange, but also can not eliminate security risks due to not updating pseudonym, which do not work well for resource-constrained smart terminals in cyber-physical power systems (CPPSs). The main objective of this paper is to propose a novel efficient signcryption scheme for resource-constrained smart terminals. First, a dynamical pseudonym self-generation mechanism (DPSGM) is explored to achieve privacy preservation and avoid the source being linked. Second, combined with DPSGM, an efficient signcryption scheme based on certificateless cryptography (CLC) and elliptic curve cryptography (ECC) is designed, which reduces importantly computation and communication burden. Furthermore, under random oracle model (ROM), the confidentiality and non-repudiation of the proposed signcryption scheme are transformed into elliptic curve discrete logarithm and computational Diffie-Hellman problems that cannot be solved in polynomial time, which guarantees the security. Finally, the effectiveness and feasibility of the proposed signcryption scheme are confirmed by experimental analyses.